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Spring Weather Brings Aspen Insurance Holdings An Expected $60 Million in Losses

Source: AP

Posted on 23 Jun 2011

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The string of tornadoes, hail and flooding that hit the U.S. this spring is expected to bring Aspen Insurance Holdings Ltd. $60 million in losses.

The Bermuda-based insurance and reinsurance company said Wednesday that most of the losses came from its reinsurance department.

Aspen calculated the figure through a review of policies, discussions with clients and brokers and "considerable judgment by management." The final figure could differ significantly from the initial estimate, Aspen said.

Aspen said the amount is net of applicable reinsurance and other income that would offset some losses. It covers April and May 2011.

The broader industry expects to lose about $15 billion from the storms, Aspen said. That figure excludes losses covered by the government's flood insurance program, it said.

Aspen provides insurance and reinsurance through subsidiaries and offices in Bermuda, Europe, Asia and the U.S.